14 AUGUST 2008

NEW ZEALAND GAZETTE, No. 127

3353

Patricia Hall and Richard Fernyhough
Changemakers Refugee Forum Incorporated
20,000 30,000
Patricia Hall and Richard Fernyhough are trustees of The Community Trust of Wellington. During the 2008 financial year, Patricia Hall became a mentor to the CEO of Changemakers Refugee Forum Incorporated and Richard Fernyhough joined the advisory committee for Changemakers Refugee Forum Incorporated.

Moira Lawler
Nga Uruora - Kapiti Project Incorporated
12,040 –
Moira Lawler is a trustee of The Community Trust of Wellington and is also a committee member for the Nga Uruora - Kapiti Project Incorporated.

13. Impacts of the Adoption of the New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS)

The Trust changed its accounting policies on 1 April 2007 to comply with NZ IFRS. The transition to NZ IFRS is accounted for in accordance with NZ IFRS-1: First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards, with 1 April 2006 as the date of transition.

This has involved changes in accounting policy:

(i) Investments in managed funds are deemed to be financial instruments at Fair Value through the profit and loss. The new classification has not changed the accounting treatment from that under previous GAAP.

(ii) Unquoted fixed interest investments are initially recorded at cost and subsequently amortised using the effective interest method, less any impairment losses. In practice, this is the same as the previous policy carrying at cost.

There have been changes to the disclosures made to comply with NZ IFRS.

There are no material impacts resulting from the adoption of NZ IFRS in relation to the recognition or measurement of income, expenses, assets or liabilities other than the reclassifications noted above.

Audit Report

To the Trustees of The Community Trust of Wellington.

We have audited the financial statements. The financial statements provide information about the past financial performance of The Community Trust of Wellington ("the Trust") and its financial position as at 31 March 2008. This information is stated in accordance with the accounting policies as attached.

Trustees’ Responsibilities

The trustees are responsible for the preparation, in accordance with New Zealand law and generally accepted accounting practice, of financial statements which fairly reflect the financial position of the Trust as at 31 March 2008 and the results of their operations for the year ended on that date.

Auditors’ Responsibilities

It is our responsibility to express to you an independent opinion on the financial statements presented by the trustees of the Trust.

Basis of Opinion

An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing:

• the significant estimates and judgements made by the trustees in the preparation of the financial statements; and
• whether the accounting policies are appropriate to the Trust’s circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with New Zealand Auditing Standards. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to obtain reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements.

Other than in our capacity as auditor, we have no relationship with or interests in the Trust.

Unqualified Opinion

We have obtained all the information and explanations we have required.

In our opinion:

• proper accounting records have been kept by the Trust as far as appears from our examination of those records; and
• the financial statements:
  • comply with generally accepted accounting practice in New Zealand; and
  • fairly reflects the financial position of the Trust as at 31 March 2008 and the results of its operations for the year ended on that date.

Our audit was completed on 6 August 2008 and our unqualified opinion is expressed as at that date.

DELOITTE, Chartered Accountants, Wellington.

A copy of the complete annual report, which includes a list of the successful recipients for the 2007/2008 financial year, is available on request from the office of the trust at Level 1, 28 Grey Street, Wellington. Telephone: (04) 499 7966.
Website: www.comtrustwn.co.nz

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